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General Motors Co. (NYSE:GM)

Common-Size Income Statement
Quarterly Data

General Motors Co., common-size consolidated income statement (quarterly data)

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3 months ended: Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Automotive net sales and revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Automotive and other cost of sales -89.13 -92.99 -89.02 -104.21 -94.76 -91.65 -88.28 -90.48 -87.20 -87.64 -86.70 -93.25 -88.50 -88.80 -88.00 -86.81 -87.07 -89.72 -89.43 -90.57 -88.24 -88.69 -86.40
Automotive and other gross margin 10.87% 7.01% 10.98% -4.21% 5.24% 8.35% 11.72% 9.52% 12.80% 12.36% 13.30% 6.75% 11.50% 11.20% 12.00% 13.19% 12.93% 10.28% 10.57% 9.43% 11.76% 11.31% 13.60%
GM Financial net sales and revenue 9.43 9.74 10.86 10.49 9.80 9.92 10.43 9.41 8.99 8.87 9.70 9.47 8.97 8.47 9.11 8.22 8.23 9.64 9.61 10.64 14.31 11.13 11.72
GM Financial interest, operating, and other expenses -7.99 -8.40 -9.15 -9.01 -8.00 -8.32 -8.76 -7.81 -7.50 -7.06 -7.92 -7.80 -7.24 -6.71 -7.13 -6.34 -5.99 -6.41 -5.87 -6.90 -9.88 -6.16 -7.84
Automotive and other selling, general, and administrative expense -4.43 -5.02 -5.26 -6.16 -4.60 -4.99 -4.98 -7.64 -6.14 -5.38 -5.55 -6.09 -5.79 -6.20 -6.95 -8.52 -6.40 -7.03 -7.63 -8.16 -9.17 -6.91 -6.20
Operating income 7.87% 3.33% 7.44% -8.90% 2.43% 4.96% 8.41% 3.49% 8.16% 8.79% 9.53% 2.34% 7.44% 6.76% 7.03% 6.55% 8.76% 6.49% 6.69% 5.01% 7.02% 9.37% 11.27%
Automotive interest expense -0.35 -0.35 -0.40 -0.41 -0.47 -0.46 -0.38 -0.49 -0.46 -0.47 -0.56 -0.57 -0.57 -0.55 -0.64 -0.67 -0.67 -0.72 -0.69 -0.75 -0.98 -0.79 -0.86
Interest income and other non-operating income, net 0.60 0.51 0.78 0.94 1.07 0.85 0.78 1.15 0.88 0.14 0.77 0.80 1.12 0.87 1.12 0.06 1.54 0.90 1.58 2.17 3.42 2.55 2.75
Equity income (loss) 0.51 0.08 0.69 -2.00 0.17 0.19 0.16 -10.01 -0.27 -0.19 -0.27 0.32 0.56 0.26 0.06 0.56 0.95 -0.14 0.89 0.94 1.38 1.06 1.26
Income before income taxes 8.63% 3.58% 8.51% -10.37% 3.21% 5.54% 8.96% -5.86% 8.31% 8.27% 9.47% 2.89% 8.55% 7.34% 7.57% 6.50% 10.59% 6.54% 8.47% 7.37% 10.83% 12.20% 14.42%
Income tax (expense) benefit -1.24 -0.49 -1.63 2.41 -0.28 -1.12 -1.80 -0.73 -1.58 -1.74 -1.94 2.19 -1.16 -1.27 -1.17 -1.46 -2.18 -1.50 0.09 -1.55 -0.65 -3.16 -4.05
Net income 7.39% 3.09% 6.87% -7.95% 2.92% 4.42% 7.16% -6.59% 6.72% 6.53% 7.53% 5.08% 7.39% 6.08% 6.40% 5.04% 8.40% 5.03% 8.55% 5.82% 10.19% 9.04% 10.37%
Net (income) loss attributable to noncontrolling interests -0.09 -0.11 -0.20 -0.12 0.08 0.00 -0.17 -0.20 0.11 0.13 0.07 0.28 0.17 0.14 0.13 -0.02 0.14 0.15 0.40 -0.08 0.15 0.19 0.03
Net income attributable to stockholders 7.30% 2.98% 6.68% -8.07% 3.00% 4.42% 6.98% -6.79% 6.83% 6.66% 7.60% 5.35% 7.57% 6.22% 6.54% 5.02% 8.54% 5.19% 8.95% 5.74% 10.33% 9.22% 10.40%
Adjustments -0.07 -0.04 -0.03 -0.08 -0.07 -0.07 1.45 2.83 -0.06 -0.03 -0.03 -0.07 -0.06 -0.06 -0.07 -0.04 -0.07 -0.08 -2.90 -0.15 -0.19 -0.15 -0.16
Net income attributable to common stockholders 7.23% 2.94% 6.64% -8.16% 2.93% 4.35% 8.43% -3.97% 6.77% 6.63% 7.57% 5.29% 7.50% 6.16% 6.46% 4.98% 8.47% 5.11% 6.05% 5.59% 10.14% 9.07% 10.24%

Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The financial performance over the analyzed period is characterized by significant volatility in profitability, punctuated by severe contractions in the fourth quarters of 2024 and 2025. While operational efficiency in administrative spending has improved over time, these gains were offset by substantial increases in the cost of sales during specific intervals, leading to periodic swings between profitability and net losses.

Automotive Gross Margin Trends
Gross margins exhibited a wide range of fluctuation, generally oscillating between 6% and 13%. A critical decline is observed in the latter half of 2025, with the margin dropping to 5.24% in June, further deteriorating to -4.21% by December 31, 2025. This collapse is directly attributable to the cost of sales peaking at 104.21% of automotive revenue during that same period. A recovery is evident by March 2026, as margins returned to 10.98%.
Operating Expense Management
A positive trend is observed in the selling, general, and administrative (SG&A) expenses, which declined from a peak of 9.17% in September 2021 to a low of 4.43% by September 2026. This suggests a sustained improvement in operational leaness. Conversely, GM Financial interest and operating expenses remained relatively stable, typically ranging between 6% and 9% of automotive net sales and revenue.
Operating Income and Stability
Operating income mirrored the volatility of the gross margin. Highs were reached in early 2024, with a peak of 9.53% in March. However, the trend shifted sharply toward the end of 2025, resulting in an operating loss of 8.90% in December. The ability to maintain positive operating income was periodically compromised by the surge in cost of sales, despite the reduction in SG&A overhead.
Non-Operating Impacts and Net Income
Net income attributable to common stockholders was heavily impacted by volatile equity income and losses. A substantial negative impact occurred in December 2024, where equity losses reached 10.01% of revenue, contributing to a net loss of 3.97% for that quarter. This pattern of instability continued into December 2025, where a combined effect of negative operating income and equity losses resulted in a net loss of 8.16%. Recovery is noted in the first three quarters of 2026, with net income stabilizing between 2.94% and 7.23%.

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